EUR/JPY Price Forecast: Eyes 173.00 barrier after breaking above nine-day EMA
- EUR/JPY targets the immediate barrier at the psychological level of 173.00.
- The 14-day Relative Strength Index remains above the 50 mark, suggesting a prevailing bullish bias.
- The primary support lies at the nine-day EMA of 172.66.
EUR/JPY appreciates after four days of losses, trading around 172.90 during the European hours on Thursday. The technical analysis of the daily chart suggests an ongoing bullish bias as the currency cross remains within the ascending channel pattern.
The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating the market sentiment is bullish. Additionally, the short-term price momentum turned stronger as the EUR/JPY cross has moved above the nine-day Exponential Moving Average (EMA).
On the upside, the primary barrier appears at the psychological level of 173.00. A successful break above this level would support the EUR/JPY cross to explore the region around 173.91, the highest since July 2024, recorded on September 8, followed by the upper boundary of the ascending channel around 174.40. Further advances above the channel would strengthen the bullish bias and lead the currency cross to approach the all-time high of 175.43, reached in July 2024.
The EUR/JPY cross may test its immediate support at the nine-day EMA of 172.66, followed by the ascending channel’s lower boundary around 171.90. A break below this crucial support zone would weaken the bullish bias and prompt the currency cross to test the 50-day EMA at 171.30. Further declines would weaken medium-term price momentum and put downward pressure on the currency cross to navigate the region around the 10-week low of 169.72, last seen on July 31.
EUR/JPY: Daily Chart
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.04% | 0.16% | 0.41% | 0.14% | 0.21% | 0.20% | 0.09% | |
| EUR | -0.04% | 0.09% | 0.24% | 0.09% | 0.12% | 0.18% | 0.00% | |
| GBP | -0.16% | -0.09% | 0.14% | -0.04% | -0.04% | 0.08% | -0.10% | |
| JPY | -0.41% | -0.24% | -0.14% | -0.21% | -0.17% | -0.07% | -0.24% | |
| CAD | -0.14% | -0.09% | 0.04% | 0.21% | -0.07% | 0.09% | -0.04% | |
| AUD | -0.21% | -0.12% | 0.04% | 0.17% | 0.07% | 0.06% | -0.12% | |
| NZD | -0.20% | -0.18% | -0.08% | 0.07% | -0.09% | -0.06% | -0.20% | |
| CHF | -0.09% | -0.00% | 0.10% | 0.24% | 0.04% | 0.12% | 0.20% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Author
Akhtar Faruqui
FXStreet
Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.
